WEDC takes ‘first step’ in helping small businesses affected by COVID-19
MADISON, Wis. (CBS 58) – The Wisconsin Economic Development Corporation – or WEDC – moved to help the “smallest of small businesses” affected by the COVID-19 outbreak and its effects.
The agency announced a $5 million program that will provide up to $20,000 to targeted businesses with no more than 20 employees to cover things like rent and payroll expenses, including paid leave.
WEDC Secretary and CEO Missy Hughes told CBS 58 that today’s announcement is a small but important step in helping businesses in what is likely a long-term issue.
More help is coming from both the federal and state governments, and Hughes believes this first program will play an important role in establishing exactly how funds will be directed to small businesses as quickly as possible.
“We want to find out how we can get these funds out,” Hughes said in a phone interview. “Essentially, I think what we’re doing is essentially creating a funnel so that as we see funds become available at the state level at the federal level, the private sector level, we might be able to help get those fund to the folks who need it the most.”
In addition to measures announced today, the Small Business Administration is moving forward with loans at the federal level.
Hughes said that she expects Wisconsin businesses to be able to apply for those loans this week.
To learn more about the WEDC efforts to help small businesses, visit here: https://wedc.org/programs-and-resources/small-business-2020/